Silver Prices Face Pressure Amid Trade War Concerns and Profit-Taking
Silver Prices Face Pressure Amid Trade War Concerns and Profit-Taking
Silver (XAG/USD) is trading around $30.15 during the Asian trading hours on Tuesday.
This follows a decline to over eight-week lows, influenced by global trade war concerns.
Investors are liquidating positions to secure profits, possibly due to covering losses or margin calls amid falling asset valuations.
Fears of a global recession are dampening industrial demand for silver, adding bearish pressure.
Key support is identified near the $30.00 mark, with potential for further downside if this level is breached.
Immediate resistance is noted around $31.00, with a significant hurdle at the 100-day Exponential Moving Average (EMA).
Analysts anticipate silver reaching $35 per ounce, followed by a possible pullback to $30.
Projections suggest silver prices could surpass $50, supported by sustained demand and limited supply growth.
Current market sentiment remains bearish, influenced by trade tensions and profit-taking activities.
Investors are advised to remain cautious, considering both industrial demand fluctuations and broader economic indicators.
